Surrey Detached Market Update: Prices Down, But the Spring Market Is Back

The detached market in Surrey has been through a rough stretch.

• Prices have declined significantly
• Inventory surged
• Sales activity slowed to historically low levels

But something important is happening right now:

• The spring market has finally returned

Let’s break down what’s actually going on—and what it means for buyers and sellers.

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Prices: Still Down Year-Over-Year

Across Surrey’s key submarkets:

• Cloverdale: down ~8%
• South Surrey / White Rock: down ~8%
• Surrey (central): down ~10%
• North Surrey: down ~12%

Typical price ranges:

• Most of Surrey: ~$1.3M
• South Surrey: closer to ~$1.7M

Even with recent stabilization, the broader trend is still downward.

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Short-Term Trend: Prices Starting to Stabilize

Over the past couple of months:

• Some areas are seeing price increases
• South Surrey saw a notable monthly jump
• Other areas are still grinding lower

This mixed movement is exactly what a market transition phase looks like.

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Sales Activity: Spring Market Has Arrived

Compared to last year:

• Cloverdale sales: up ~40%
• South Surrey: up over 40%
• Surrey: up ~10%
• North Surrey: up ~23%

Key takeaway:

• January was extremely slow
• Activity has clearly picked up since

This is your confirmation:

• The spring market is back
• But it’s still weak compared to historical norms

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Big Picture: Sales Are Still Historically Low

Even with the recent improvement:

• Sales volumes are still far below long-term averages
• The last few years remain among the slowest in decades

This is critical context:

• “Better” does not mean “strong”
• It just means “less bad”

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Inventory: Not as High as You Think

There’s a lot of talk about inventory piling up, but:

• Active listings are not at extreme historical levels
• In many cases, we’re back to 2015–2016 levels

However:

• Listings are sitting longer
• That creates the perception of oversupply

So the issue isn’t just volume—it’s lack of absorption.

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Months of Inventory: Still a Buyer’s Market

Current conditions:

• Cloverdale: ~7 months
• South Surrey: ~12.5 months
• Surrey: ~13 months
• North Surrey: ~10 months

What this means:

• Anything over ~6 months = buyer’s market
• Most of Surrey is firmly in buyer territory

Important nuance:

• Some areas (like South Surrey) are seeing prices rise despite high inventory
• That suggests localized demand strength

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Pricing Reality: Sellers Are Missing the Mark

Two key stats tell the story:

Original Price vs Sale Price

• Many homes are selling 5–7% below original list price
• In some cases, even more

Current Price vs Sale Price

• Most homes sell within 3–5% of current asking price

What this means:

• Buyers are not lowballing aggressively
• Sellers are simply starting too high

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Days on Market: The Most Important Signal

Right now:

• Average selling time: ~40 days

Here’s the rule most sellers ignore:

• If your home isn’t sold in ~40 days → it’s overpriced

After that point:

• You’re chasing the market
• You’ll likely need a price reduction
• You fall into a weaker negotiating position

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Why Price Reductions Work

A price reduction is not just about lowering price.It:

• Refreshes your listing
• Reintroduces it to new buyers
• Creates renewed urgency

In many cases:

• Properties sell within 3–4 weeks after a reduction

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Key Takeaways

• Prices are still down year-over-year
• Sales activity is improving—but still weak historically
• Inventory isn’t extreme, but absorption is slow
• Most of Surrey remains a buyer’s market
• Homes are selling in ~40 days—or they need a price cut
• Sellers are overshooting on initial pricing

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Final Thought

This is not a hot market—but it’s no longer frozen.

• Buyers are active again
• Sellers just need to adjust expectations

And in markets like Surrey:

• Strategy matters more than ever
• Pricing correctly is everything
• Timing your adjustments is critical

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Written by:
Steve Karrasch PREC
Karrasch Real Properties Team
Macdonald Realty